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The Housing Market May Be Calming Down
/in National, SE Michigan /by Tracy WillisExperts say the housing market is may be approaching normalcy for 2022. Home prices should continue to rise, but the pace of the increase will be slower than the last two years. Buyers will continue to outnumber sellers which means home inventory will remain low. Jeannette Schneider, president of RE/MAX of Southeastern Michigan predicts that home values will increase 8-10 percent in 2022. Other experts say models suggest that in October 2022, prices will be 12.8 percent higher than the the year before. The going will continue to be rough for first time home owners.
Real Estate One Academy Wants More Required Training Hours
/in SE Michigan /by Tracy WillisAccording to Bonnie Richter, the director of the Real Estate One Academty, real estate education needs to change to keep up with the needs of consumers. Real Estate One is pairing new agents with experience Realtors in an effort to keep more people in the field. Richter says there’s an enormous interest in real estate careers. Classes are full and in high demand, but the longevity is not there. People don’t expect the career to be as demanding as it is. Richter believes that license instruction should require more hours (60 at a minimum), as there isn’t enough time to get all of the information in with the existing instruction requirements. In addition, beefing up the instruction time would better protect consumers so that licensed real estate professionals would have the needed expertise.
Farmington Hills Council Considers Hotel Conversion Project
/in SE Michigan /by Tracy WillisIn June, Farmington Hills Council members approved a Planned Unit Development to convert a hotel on 12 Mile Road into a senior housing complex. This week, city officials will look at the agreement that finalizes the project details. Manor Senior Living wants to convert the Radisson hotel’s rooms into 217 memory care units, 51 assisted living, and 56 independent living units. When the PUD was approved, five senior housing projects were in the works. Since then, St. Vincent and Sarah Fisher property proposals have stalled.